FSTC Issues Call for Participation for Two New Projects

R. A. Hettinga rah at shipwright.com
Wed Sep 8 13:28:49 EDT 2004


The Financial Services Technology Consortium wants to assist banks in
providing an "authentication service to government agencies"...

Cheers,
RAH

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Date: Wed, 08 Sep 2004 11:39:05 -0400
From: Jim Salters <jim.salters at fstc.org>
Subject: FSTC Issues Call for Participation for Two New Projects
To: members at ls.fstc.org
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To: FSTC Members and Friends
From: Jim Salters, Director of Tech Initiatives and Project Development

We are pleased to announce a "call for participation" for two new FSTC
projects.  Each has a committed core group of member institutions and
vendors who solicit further participation from fellow members:

1.  FSTC e-Authentication Initiative: Business and Technology
Proof-of-Concept
2.  Business Continuity: Compliance and Status Reporting Project
____________________

1.  FSTC e-Authentication Initiative: Business and Technology
Proof-of-Concept

Prospectus: http://fstc.org/projects/new.cfm#eauth

This 5-month project will assess the viability of the potential business
opportunity that exists for financial institutions to leverage their online
customer relationships and provide an authentication service to government
agencies, and to integrate these services into their own online
applications.  FSTC, jointly with the GSA's E-Authentication Initiative
Project Management Office (EAI PMO), propose to launch a three-track project
to ascertain the business model, legal framework, and technical viability of
using FIs' identity credentials to permit consumers and businesses to access
secure online government applications.

The GSA is funding the business track of the initiative.  There is no cost
to financial institutions, and a $5,000 fee for associate members.   In
addition, a resource commitment is required for all participants, as
outlined in the prospectus.  Participation commitments are requested by Sept
24th, and the target kickoff is the week of October 4th.

An informational conference call has been scheduled for:

Wednesday Sept 15th, 2pm EDT
512-225-3050, 71782#
__________________

2.  Business Continuity: Compliance and Status Reporting Project

Prospectus: http://fstc.org/projects/new.cfm#compliance

The FSTC Business Continuity Standing Committee proposes an initiative to
assist the financial industry in coming to a common understanding on the
meaning of continuity regulation, prioritization of compliance related
activities, and creating efficiencies in documenting regulatory compliance
status.    To establish a clear understanding of the regulatory environment,
a list of continuity related guidance will be pulled together along with the
name of the agency responsible.   Each regulation will be reviewed and a
clearly worded summary of the continuity requirements will be developed.
Where possible the regulatory agencies will be contacted for clarification
on specific points.  Common themes and requirements will be documented and
prioritized.

>From this list of common themes and prioritized requirements a questionnaire
will be developed which will allow a FI to provide or collect continuity
compliance status.  The project will focus on providing straight forward
interpretations of what is needed for an FI to comply with current
regulations.

The final product will provide:

.	A comprehensive list of all current regulatory guidance related to
business continuity, an overview of the requirements of the key components
and the agency that produced it.
.	Prioritized summary of the key continuity requirements that FIs must
address and the timing for implementing them.
.	Standardized questionnaire that FIs can utilize to collect or
provide status of compliance with continuity regulatory requirements.
.	An ongoing forum for discussion on regulatory direction and for
sharing feedback/experiences other FIs have had with regulators.
.	A documented process that can be utilized to allow FSTC and its
members to maintain the regulatory summary and questionnaire.

Project Fees:
---------------

Financial Institutions:
$15,000  Assets over $100 billion (including affiliates)
$12,000  Assets from $50 billion to $99 billion (including affiliates)
$9,000    Assets from $20 billion to $49 billion (including affiliates)
$3,300    Assets under $19 billion (including affiliates)

Technology Companies:
$15,000  Revenue/funding over $100 million (including affiliates)
$12,000  Revenue/funding  from $50 million to $99 million (including
affiliates)
$9,000    Revenue/funding from $20 million to $49 million (including
affiliates)
$3,300    Revenue/funding under $19 million (including affiliates)


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-- 
-----------------
R. A. Hettinga <mailto: rah at ibuc.com>
The Internet Bearer Underwriting Corporation <http://www.ibuc.com/>
44 Farquhar Street, Boston, MA 02131 USA
"... however it may deserve respect for its usefulness and antiquity,
[predicting the end of the world] has not been found agreeable to
experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire'

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